Allergan, a global pharmaceutical company, has completed the acquisition of Oculeve
The acquisition of Oculeve adds dry eye development to Allergan's current eye care research and development
Allergan acquired Oculeve, a development-stage medical device company focused on developing novel treatments for dry eye disease, for an £80 million upfront payment and commercialisation milestone payments related to Oculeve's lead development program, OD-01.
Brent Saunders, CEO and president of Allergan, said: "Dry eye is currently an underserved condition, with many patients not receiving adequate treatment from over-the-counter options.
“Allergan is committed to expanding our product offerings in this category, and the development of OD-01, an intranasal neurostimulation device, is complementary to our market-leading dry eye treatment, Restasis, as well as other dry eye products in development within our pipeline."
The acquisition of Oculeve adds dry eye development to Allergan's current eye care research and development. This includes OD-01, a non-invasive nasal neurostimulation device that increases tear production in patients with dry eye disease.
Oculeve has completed four clinical studies of OD-01 to date and Allergan plans to conduct two additional pivotal trials prior to FDA submission, which is expected in 2016 with potential commercial launch in 2017.
